Reason why energy stocks are up this year (OXY, DVN, XOM)

Retail investors have changed the fundamental paradigm of stock trading. While recession fears and concern over waning demand sent global stocks crashing, the energy sector has ripped through the roof. It all looks like retail investors seem to be buying the dip in energy stocks. There is no doubt that energy is still the only S&P 500 sector in the green this year up more than 30 percent. But the industry is more than 20% below the multiyear high it hit on June 8. The downturn follows a related decline in oil prices. In 2022, Occidental Petroleum Corporation (NYSE: OXY) remains the most-sought after stock, at $190.7 million worth of shares. Berkshire Hathaway owns $10 billion of preferred stock and 83.9 million warrants and Warren Buffett is close to making Occidental Petroleum a 20% position.

Exxon Mobil Corp (NYSE: XOM) and Devon Energy Corp (NYSE: DVN) followed at $177.3 million and $65.6 million, respectively.

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Published by Duncan Oleinic

Duncan Oleinic is from New Yourk. After graduating with a degree in physics, he began his career as an analyst in a broking firm. Through this experience he was able to advance to the role of correspondent for a U.S based financial news provider, where he worked from 2001 to 2007. He subsequently joined a merchant banking firm as a financial analyst focused on valuing unlisted companies in the sub-continent. Over the course of his two years here, he performed valuations of several media companies which were later acquired by peers.

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